Govt increases profit rates on Naya Pakistan Certificates to lure dollars

ISLAMABAD: The federal government has increased rates on return on US dollar based Naya Pakistan and Islamic Naya Pakistan Certificates to attract foreign exchange inflows into the country.

According to Finance Division, In exercise of the power conferred by rules 7, 8 and 12 of the Naya Pakistan Certificates rules, 2020, the Finance division is pleased to substitute its notification no SRO 862(1)/2020 dated September 11, 2022 and SRO 211(1)/2021 dated February 2021.

Finance Division has notified increase in rates on return on Naya Pakistan and Islamic Naya Pakistan Certificates and NRPs and eligible Resident Pakistanis with FCVA can safely invest their money with sizable returns.

According to notification, the government has increased the rate of return to 1.50% on investments in dollar-denominated Naya Pakistan Certificates.

The rate of return on investment on Naya Pakistan Certificate for three months has been increased from 1.50% to 7%.

Similarly, the rate of return on investments on Naya Pakistan Certificates for six months has been increased by 1.20% to 7.20%.

The rate of return increased by 1% to 7.50% on investment on Naya Pakistan Certificate for one year and the rate of return on investments on Naya Pakistan Certificates increased from 1.25% to 8% over three years.

The rate of return on investment on Naya Pakistan Certificate for 5 years has been increased by 1% to 8%, notification stated.

On the other hand, the notification states that the government has decreased the rate of return on investments in British Pounds and Euros.

The rate of return on investment on Euro on Naya Pakistan Certificate for three months will be 4%. Similarly, the rate of return on investments on Naya Pakistan Certificates for six months is 4.50%.

In addition, the rate of return on investment on Naya Pakistan Certificate for one year as well as three years decreased to 5% and 6.50% respectively.

Furthermore, the rate of return on investment on Naya Pakistan Certificate for five years will be 6.50%.

Notification states that the rate of return on investment on Pound on Naya Pakistan Certificate for three months will be 5.50%%. Similarly, the rate of return on investments on Naya Pakistan Certificates for six months is 6%%.

In addition, the rate of return on investment on Naya Pakistan Certificate for one year as well as three years decreased to 7% and 7.50% respectively.

Furthermore, the rate of return on investment on Naya Pakistan Certificate for five years will be 7.50%.

Notification states that the government has maintained rates on return on Pak rupee Naya Pakistan.

Economic Expert  Mohammad Sohail said that Increase in rate of return will increase dollar in dollar investment in Naya Pakistan Certificate and there was a dire need after the increase in the interest rate in the global market.

This was much needed after an increase in rates globally and this will help in bringing money into Pakistan.

 

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